When should I buy an annuity?

Buying an annuity depends on your financial goals and retirement age. Typically, the best time to buy an annuity is typically between the ages of 50 and 75 years when you are settled into retirement but still have an average life expectancy. Annuities provide income for life or a set period to supplement pensions.

Starting too late can reduce the potential benefits. Annuities are often linked to post-retirement planning, but it's wise to start investing as early as possible. Consider your health, desired legacy, and liquidity needs before purchasing an annuity.

Compare providers to get quotes on the best annuity rates. The key is determining if guaranteed lifetime income would benefit your financial plan. You can also use an agriculture loan EMI calculator to understand the yearly annuity.